Does my lender want to foreclose on my home?

No, foreclosure is the final action a lender will take when dealing with borrowers. Lenders would much rather have their customers pay their mortgage, even if they are behind because the foreclosure is expensive for the lenders, investors, and the mortgage insurance companies.

What happens when I miss my mortgage payments?

Your lender can legally foreclose on your home forcing you to move out and repossess the property. If your property is worth less than what you owe than a deficiency judgment can get placed on you. So you will not only lose your home, but also owe more money after the fact. A foreclosure will significantly affect your ability to qualify for a future mortgage, even rent. You should avoid foreclosure if possible.

What should I do?

Do not ignore letters from your lender. If you are having problems making your payments, call our loss mitigation experts immediately, we can stop the foreclosure process quickly and have your mortgage reinstated. Staying in your home is important, your lender may not be willing to modify your loan if you abandon your home

My employer has already announced layoffs in the coming month. What can I do now?

Review you family’s finances and evaluate whether you will have the ability to make your mortgage payments, if you feel that you will not be able to maintain your mortgage, please feel free to discuss this with our professional loss mitigation associates.

What are the key points to remember?

1. Don't lose your home and damage your credit history
2. Call or e-mail one of our expert loss mitigation associates to see what options are available for you.
3. Stay in your home to make sure you qualify for assistance
4. Explore every alternative to keep your home
5. Act now. Delaying will not help. If you do nothing, you will lose your home.

Here at National Mortgage Mediators, our loss mitigation experts are available 24 hours to answer all your questions and consult with you to find the best solution for you and your family.

Contact Us Now